BNP Paribas, one of the largest financial groups in Europe, which holds an insurance company and a consumer credit company on the Romanian market, is set to enter the leasing segment, according to market sources.
When contacted by ZF, representatives of the group's leasing division, BNP Paribas Lease Group, did not wish to comment on this information. The French will most likely enter the market via a greenfield investment, the cited sources revealed. The French are not the only foreign players attracted by the Romanian leasing market, which is registering a 50-60% annual increase. In 2006, leading financial groups, such as GE Money (USA), KBC and Fortis (both Belgium), entered this sector, with the respective acquisitions of Motoractive, Romstal Leasing and Global Finance & Leasing.
BNP Paribas entered the Romanian market in May 2005 through Cetelem, the consumer credit division of the group, which took over Credisson International. At the end of April this year, Cetelem's Romanian subsidiary had a credit volume worth around 176 million euros and estimates it will exceed 240 million euros by yearend (a 74% increase on 2006).
The insurance division of BNP Paribas, Cardif, launched activities on the Romanian market at the beginning of this year specialising in life insurance. The company sells policies attached to loans, which are purchased by banks and consumer credit companies for their clients. These policies cover the risk of death, temporary or permanent disability, and involuntary unemployment, which make it impossible for the loan to be reimbursed.
Cardif officials have announced they could also set up a general insurance company by the end of the year, which will sell bancassurance policies.
The leasing division of BNP Paribas is present in 14 countries, which include Austria, Belgium, Germany, Hungary and Poland.
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